New
Open a sleeve and see what is inside it. Every sleeve now holds six companies, each with its own weight, ticker, chart and return. Fourteen sleeves, eighty-four companies. You still allocate at the sleeve level — this is there to be read, not traded. One of them is usually carrying the fund and one is usually wrecking it, and now you can tell which.
Charts are candlesticks. Hovering a candle gives you open, high, low, close and the percent change for that period.
Three years of history before your mandate starts. Every chart now opens with twelve quarters of prior tape, generated fresh for each run. You are no longer reading a market that began the day you did.
File a no-change memo. Costs no decisions and counts as a response to the quarter. The committee only accepts one when nothing is outstanding, which is the point of it.
The market
A sleeve could previously run seventeen quarters without changing direction. Movement now clusters: quiet stretches, then a few quarters that do most of the work.
Holdings inside a sleeve move independently. They used to be one series scaled slightly differently, so every company in a fund looked like the same company.
The first quarter of each year gives back part of the previous year's move, and the rest of the year works it back. The year still lands where it was going to land — it takes a less straight road there.
Market events now name the holding they are actually about.
Clients and rivals
The five clients you start with are drawn per run. There are nine in the game; the other four arrive later, in an order that also changes. Your opening capital is the same whichever five you get, so no roster is worth restarting for.
Rivals want particular accounts, and you can see it coming. A rival whose book suits a client, and who thinks the relationship is weak, builds interest over several quarters. It shows up as circling before it becomes a formal approach. Senior time on that client damps it; ignoring it does not.
Mandates change hands whether or not you bid. A search you never enter still resolves, and a rival still walks off with the account.
Mandates also go back out to tender on a cycle, not only when the incumbent is failing.
Stewardship
The audit used to count quarters in which you did not trade. It now counts quarters in which something was actually open — a client mandate you were failing, a live crisis stage, a risk limit outside policy, an open board review, a scheduled shock you had no cover for — and you closed anyway without answering it. A quiet quarter with nothing outstanding costs you nothing.
Three ignored obligations still end the mandate.
A hedge bought two years ago no longer counts as this quarter's response.
The ending was rewritten to match. It is about not answering, not about not trading.
Balance
Defense could not lose. Every one of its factor reactions was positive, so across a whole mandate it was not possible for the sleeve to post a down quarter — it was a free hold. It now carries a negative reaction to rates, which is the budget-freeze risk its own description always promised. Still a defensive sleeve; the drawdown is shallow.
Fixes
Candle bodies no longer overflow the bottom of the chart on extreme quarters.
Hovering between two candles no longer lands in a dead zone with no readout.
Cash no longer wobbles. It has no volatility and now draws like it.
A chart with only a few periods no longer spreads its candles into isolated stamps across the full width.
Saved runs restore the mandate market properly, including which rivals are contesting what.